Exercise 13-2 (Algorithmic) (LO. 3) On January 1 of the current year, Rhondell Corporation holds accumulated E & P of $42,000. Current E & P for the year is $126,000, earned evenly throughout the year. Elizabeth and Jonathan are the sole equal shareholders of Rhondell from January 1 to April 30. On May 1, Elizabeth sells all of her stock to Marshall. Rhondell makes two distributions to shareholders during the year, as indicated below. Analyze the distributions by completing the table that follows. Assume that the shareholders have sufficient basis in their stock for any amount that is treated as return of capital. If an amount is zero, enter "0". If required, round any division to two decimal places and use in subsequent computations. Round final answers to the nearest dollar. Total Distribution From Current E & P From Accumulated E & P Return of Capital April 30, $67,200 cash 45,818 X 21,382 X 0 December 31, $117,600 cash 80,182 X 20,618 X 16,800 Feedback Check My Work Accumulated E & P is the total of all previous years' current E & P (since February 28, 1913) reduced by distributions made from E previous years. It is important to distinguish between current E & P and accumulated E & P because the taxability of corporate dist depends on how these two accounts are allocated to each distribution made during the year